Dow Jones sheds over 400 points in early trade
The major US stock indices fell on Wednesday, after a surge in coronavirus cases and gloomy global economic outlook.
The International Monetary Fund estimated that the global GDP will shrink by 4.9% in 2020, which higher than the previous estimate in April of 3%, but the IMF expects a growth of 5.4% in 2021.
The IMF also forecast the US economy to shrink by 8% in 2020, and to grow by 4.5% in 2021, and the Chinese economy to grow by 1% in 2020 and by 8.2% 2021.
Fears about a new trade war from were renewed today, after the Donald Trump administration threatened imposing new tariffs on European goods worth $3.1 billion.
As for stocks, Dow Jones fell 1.6% or 402 points to 25,755 as of 14:15 GMT, Nasdaq fell 1% or 101 points to 10,029, and S&P 500 lost 1.4% or 43 points to 3,047.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1246
|
-0.0031
|
0.2718%
|
|
|
|
|
1.2486
|
0.0178
|
1.4462%
|
|
|
|
Tadawul
|
7312.24
|
58.91
|
0.81%
|
|
|
|
|
18.047
|
0.268
|
1.507%
|
|
|
|
|
40.285
|
1.510
|
3.894%
|
|
|
|
|
42.80
|
-0.34
|
0.79%
|
|
|
|
|
1774.730
|
3.115
|
0.176%
|
|
